The U.S. economy is emerging from a period of stagnant wages and scarce job opportunities. Unemployment is finally declining – because of pro-economic growth policies Bill has supported. Since January 2017, unemployment has steadily fallen, and is approaching historically low numbers. The gross domestic product (GDP), the total value of every good and service produced in the U.S. and the internationally accepted indicator of our economic performance, is showing signs of a consistent 3% growth each quarter. Meanwhile, excessive job-killing federal regulations created under the Obama Administration are being safely unwound – giving small businesses much needed confidence and certainty to expand and hire once again. While this progress is very encouraging, much more can be done. And, it is important that Congress and the Trump Administration continue to focus on pro-growth policies that encourage a new era of economic prosperity here in Eastern and Southeastern Ohio.
One important pro-growth policy is the Tax Cut and Jobs Act, which Bill Johnson proudly supported. Because of this new law, for the first time in over 30 years, Americans will see historic tax reform and relief that brings higher paychecks, lower tax rates, and a fairer and simpler tax code for hardworking families throughout Ohio and the U.S. Additionally, the new tax code: roughly doubles the standard deduction; expands the Child Tax Credit from $1,000 to $2,000; reduces taxes for small business owners who create over 60 percent of our jobs; and, lowers America’s corporate tax rate from 35 percent to 21 percent, making it one of the most competitive in the world, bringing trillions of dollars back from overseas that will be put to good use growing America’s economy. With these changes, hardworking families in Eastern and Southeastern Ohio will keep more of their hard-earned money, and our economy will leap forward. According to the Tax Foundation, this law is projected to create 33,736 new full-time jobs in Ohio, along with a $2,051 increase in income for median Ohio families over 10 years.
In order to further our economic potential, Bill Johnson knows that regulatory reform must go hand-in-hand with historic tax reform. That’s why he authored legislation that was signed into law to prevent onerous and job-killing Obama-era energy regulations from going into effect. These regulations would have cut at the very heart of one of Eastern and Southeastern Ohio’s main economic drivers – domestic energy production – and the growing number of industries that rely on that energy production.
Bill Johnson is also a strong supporter of the REINS Act – commonsense legislation that would force federal agencies to receive Congressional approval before enacting any new major regulations. For too long, under both parties, federal agencies have been a barrier to America’s economic excellence. ‘No’ cannot be a final answer to any business’ request for permission to innovate and compete. Instead, Johnson believes federal agencies must be partners in progress, not roadblocks to prosperity. Americans must be allowed to innovate, as is our heritage, in order to compete in the global economy. We must create wealth, not redistribute it.